/*******************************************OVERVIEW*******************************************************
 
Suffrage Reform and Financial Volatility
 
Replication file
 
Table 2: News and Variability of Consol Prices
 
Version March 14 2022 
 
  
********************************************************************************************************************/

clear
set more off
#delimit ;


/*Set Directory -- You will need to adjust this line of code accordingly */; 


cd "/Users/ssaiegh/Files/Mac/JHPE";

/*Create Log File*/;

log using "Table 2", replace text;


/*Load Data File*/;

use "news_analysis.dta";


/*Hierarchical Assignment to Categories */;


replace ministry=0 if reform==1;
replace war=0 if reform==1;
replace cholera=0 if reform==1;
replace war=0 if ministry ==1;
replace cholera=0 if ministry ==1;
replace cholera=0 if war==1;


/*Variability of Consol Returns by Catergory */;

gen per_change=return*100;

sum per_change if war==1;
sum per_change if cholera==1;
sum per_change if reform==1;
sum per_change if ministry==1;
sum per_change if other==1;


/*Levene's Test for Equal Variances */;

/*Cols. (1)-(4) vs. (5) */;

robvar return, by(other);

/*Cols. (1) vs. (5) */;

robvar return if war==1 | other==1, by(other);

/*Cols. (2) vs. (5) */;

robvar return if cholera==1 | other==1, by(other);

/*Cols. (3) vs. (5) */;

robvar return if reform==1 | other==1, by(other);

/*Cols. (4) vs. (5) */;

robvar return if ministry==1 | other==1, by(other);

/*Cols. (3) vs. (5) */;

robvar return if reform==1 | ministry==1, by(ministry);


log c;
